Earthwise extends option at Iron Range by six months

Executive Summary

• Earthwise Minerals Corp. has secured a six-month extension on its option agreement for the Iron Range Gold Project in British Columbia, pushing the first-year commitment deadline to August 26, 2026.
• As consideration for this extension, Earthwise issued 100,000 common shares to optionor Eagle Plains Resources Ltd.
• The release details the full terms of the earn-in agreement, including cash payments, share issuances, exploration expenditure requirements, and potential royalty structures for acquiring up to an 80% interest in the project.
• The company also announced the granting of 1,075,000 incentive stock options to senior executives, directors, and consultants, and reported the immediate resignation of Vice-President of Exploration and Director George Yordanov.

Key Details

• Option Extension Terms:
  • The option agreement for the Iron Range project (located ~16 km NE of Creston, BC) has been extended by six months.
  • The first-year commitment under the option is now due on Aug. 26, 2026.
  • Consideration for the extension: Earthwise issued 100,000 common shares to Eagle Plains Resources Ltd.
• Option Agreement Structure (Earn-In):
  • Phase 1 (70% Interest): Earthwise can acquire a 70% interest by paying $250,000 cash, issuing 1.5 million common shares to Eagle Plains, and funding $4 million in exploration expenditures over a four-year term.
  • Phase 2 (Additional 10% Interest): Earthwise may acquire an additional 10% (total 80%) by notifying Eagle Plains, making an additional one-time payment of $1 million cash, and completing a bankable feasibility study prior to the eighth anniversary of the option.
  • Royalty: A 2% smelter returns royalty is granted to Eagle Plains upon exercise of either option. 1% of this royalty may be repurchased for $1.5 million.
  • Joint Venture: Upon exercise, Earthwise and Eagle Plains will form a 70/30 or 80/20 joint venture. Eagle Plains remains operator and reserves the right to use TerraLogic Exploration Inc. as geoscience consultant.
• Incentive Stock Options:
  • Board approved the granting of 1,075,000 incentive stock options.
  • Recipients: Senior executives, directors, and consultants.
  • Exercise Price: $0.05 per common share.
  • Vesting: Immediate.
  • Expiration: Jan. 6, 2031.
• Management Changes:
  • George Yordanov resigned as Vice-President of Exploration and Director, effective immediately.
• Project Overview (Iron Range):
  • Located on the western flank of the Proterozoic Purcell Anticlinorium.
  • Hosts Ag-Au-Pb-Zn-Cu mineralization, specifically the Talon zone (breccia/vein system).
  • Geological similarities noted with the nearby Sullivan mine (Pb-Zn-Ag +/- Au +/- Cu metal suite).
  • Infrastructure includes CP Railway mainline, Highway 3, high-voltage transmission, natural gas pipeline, and proximity to Teck's Trail smelter (~133 km).
  • Historical work includes drilling by Eagle Plains since 1999, identifying high-grade gold at O-Ray and polymetallic systems at Talon.

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.